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GOP: U.S. debt is 'astronomical'

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WASHINGTON, December 3 (UPI) -- The United States needs a constitutional amendment to mandate a balanced budget, Sen. Olympia Snowe, R-Maine, said in her party's weekly radio address. {snip....}

"If Congress were capable of doing its job, it wouldn't have added nearly $10 trillion to our national debt since 1997, the year a balanced budget amendment failed to pass the Senate by just a single vote," Snowe said."Just imagine where we would be today, if we had accomplished then what we must achieve now.

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How 'bout her running for Prezz?

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George Ford

If a person gets so in debt they have to declare themselves bankrupt then what about a country? Can you declare a country bankrupt and then just not pay anyone anything back?

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If a person gets so in debt they have to declare themselves bankrupt then what about a country? Can you declare a country bankrupt and then just not pay anyone anything back?

Yes, happened before, from Spain in 1557 to Iceland in 2008. But that would mean not a drop of oil from abroad for dollars for the US, the gold in Fort Knox would keep cars on the road for about a month or two.

Edited by questionmark

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George Ford

Yes, happened before, from Spain in 1557 to Iceland in 2008. Buty that would mean not a drop of oil from abroad for dollars for the US, the gold in Fort Knox would keep cars on the road for about a month or two.

Thanks, I remember Iceland now,

I vaguely remember Bush saying that the Iraq war was not about oil (lol) and that the USA had enough oil reserves for years. They also found a way of poisoning their own water supply with 'fracking' and this would mean hundreds of years worth of 'cheap' gas.

Iceland still exists and seem to get on fine, so looks like they just ripped everyone off?

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Thanks, I remember Iceland now,

I vaguely remember Bush saying that the Iraq war was not about oil (lol) and that the USA had enough oil reserves for years. They also found a way of poisoning their own water supply with 'fracking' and this would mean hundreds of years worth of 'cheap' gas.

Iceland still exists and seem to get on fine, so looks like they just ripped everyone off?

Well, the US reserves are very small, right now it produces less than half of what it consumes, but yes, if it were only oil it could go on for a while.

But who mentions oil also mentions steel (of which the US of A produces less than 10% it consumes) or electronics (of which it produces less than 1%.

Now, if the Americans would not mind going back to the 1930s economically and try to work the way up from there again bankruptcy could be an option.

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Caesar

Well, the US reserves are very small, right now it produces less than half of what it consumes, but yes, if it were only oil it could go on for a while.

We have enough oil on U.S. lands its just we can drill for it because of the left.

Now, if the Americans would not mind going back to the 1930s economically and try to work the way up from there again bankruptcy could be an option.

The biggest problem the U.S. has is leader ship. we can't even get small cuts, nevermind trying to balance the budget. I could go on and on but thats were the U.S. needs to start.

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We have enough oil on U.S. lands its just we can drill for it because of the left.

The biggest problem the U.S. has is leader ship. we can't even get small cuts, nevermind trying to balance the budget. I could go on and on but thats were the U.S. needs to start.

I would disagree with the first statement, the drilling will almost certainly end like the big British Falkland endeavor.. a year drilling and nothing found worth exploiting.

And I agree on the second.

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Caesar

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I would disagree with the first statement, the drilling will almost certainly end like the big British Falkland endeavor.. a year drilling and nothing found worth exploiting.

And I agree on the second.

New discoveries along with new drilling techniques such as horizontal drilling and hydraulic fracturing have already incresaed U.S. production.

Oil Margins Falling as U.S. Fuel Import Era Ends

Western North Dakota, Northeast Montanaha discovered billions of untapped barrels of oil source

I wouldn't be surprized if the U.S.become an exporter of oil, along with Canada.

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New discoveries along with new drilling techniques such as horizontal drilling and hydraulic fracturing have already incresaed U.S. production.

Oil Margins Falling as U.S. Fuel Import Era Ends

Western North Dakota, Northeast Montanaha discovered billions of untapped barrels of oil source

I wouldn't be surprized if the U.S.become an exporter of oil, along with Canada.

Same thing they said about the Falklands, so far they have not even found enough oil to cover the costs.

Edit: but I would not mind the drilling if they would be willing to post a few billion in bond to repair the ecological damage if they don't find anything.

Edited by questionmark

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Caesar

Same thing they said about the Falklands, so far they have not even found enough oil to cover the costs.

But the U.S. has much more land then the Falklands. Virginia, Florida, California and North Carolina Coast to name a few. some of these could turn out to be like the Falklands but some may not. you can find oil on beaches in many of these locations. many of the old mines are back up because of many of these new techniques.

Edit: but I would not mind the drilling if they would be willing to post a few billion in bond to repair the ecological damage if they don't find anything.

I agree maybe a fund with the revinue from the profits.

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New discoveries along with new drilling techniques such as horizontal drilling and hydraulic fracturing have already incresaed U.S. production.

Oil Margins Falling as U.S. Fuel Import Era Ends

Western North Dakota, Northeast Montanaha discovered billions of untapped barrels of oil source

I wouldn't be surprized if the U.S.become an exporter of oil, along with Canada.

http://www.usnews.com/opinion/blogs/energy-intelligence/2011/09/08/historically-high-oil-exports-helping-keep-gas-prices-high

Refiners have been shipping historically high amounts of refined products out of the U.S., much of which is bound for Europe or Asia. Since diesel demand is high from Europe, where a majority of vehicles burn the heavier fuel, refiners can make a few extra dollars from each barrel by shipping it across the Atlantic. Meanwhile, domestic supply of diesel fuel currently sits nearly 11 percent below where it was last year, or some 19 million barrels lower.

Meanwhile, U.S. and Canadian oil firms are lobbying the Obama administration to approve the construction of the controversial 1,661-mile transcontinental Keystone XL pipeline that would carry tar sands oil from Canada to Texas refineries. This development would mean more export profits for oil companies, as some of the oil sands would be refined for overseas use.

Gasoline exports are also at record highs, some 395,000 barrels per day, according to the most recent Energy Information Administration numbers. Just earlier this summer, we were exporting 200,000 barrels per day of finished gasoline, so refineries are now sending nearly double the amount of gasoline out of this country.

http://www.allgov.com/ViewNews/US_Oil_Exports_Reach_Record_Highs__Thats_Right__Exports_110905

U.S. Oil Exports Reach Record Highs; That’s Right…Exports

Monday, September 05, 2011

According to the U.S. Department of Energy, American exports of crude oil and refined petroleum products are higher than they’ve ever been. In April of this year, oil companies sold nearly three million barrels overseas—which was double the amount sold four years earlier (April 2007).

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

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http://www.usnews.co...gas-prices-high

Refiners have been shipping historically high amounts of refined products out of the U.S., much of which is bound for Europe or Asia. Since diesel demand is high from Europe, where a majority of vehicles burn the heavier fuel, refiners can make a few extra dollars from each barrel by shipping it across the Atlantic. Meanwhile, domestic supply of diesel fuel currently sits nearly 11 percent below where it was last year, or some 19 million barrels lower.

Meanwhile, U.S. and Canadian oil firms are lobbying the Obama administration to approve the construction of the controversial 1,661-mile transcontinental Keystone XL pipeline that would carry tar sands oil from Canada to Texas refineries. This development would mean more export profits for oil companies, as some of the oil sands would be refined for overseas use.

Gasoline exports are also at record highs, some 395,000 barrels per day, according to the most recent Energy Information Administration numbers. Just earlier this summer, we were exporting 200,000 barrels per day of finished gasoline, so refineries are now sending nearly double the amount of gasoline out of this country.

http://www.allgov.co..._Exports_110905

U.S. Oil Exports Reach Record Highs; That's Right…Exports

Monday, September 05, 2011

According to the U.S. Department of Energy, American exports of crude oil and refined petroleum products are higher than they've ever been. In April of this year, oil companies sold nearly three million barrels overseas—which was double the amount sold four years earlier (April 2007).

$$$$$$$$$$$$$$$$$$$$$$$

While it is true that the US exports surplus Diesel, the other side of the medal is that it imports lacking gasoline, as you can see on the Energy Information Administration's website. The story behind this is the European Union's effort to reduce carbon dioxide, and in cars the best way to do that is refit with Diesels. About 50% of all new registrations in Europe are small turbo charged Diesels (about 40-60% more fuel efficient than gasoline cars). This has created an oversupply of gasoline over there and a shortage of Diesel. The US had a shortage of gasoline since the mid 80s.

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Caesar

While it is true that the US exports surplus Diesel, the other side of the medal is that it imports lacking gasoline, as you can see on the Energy Information Administration's website. The story behind this is the European Union's effort to reduce carbon dioxide, and in cars the best way to do that is refit with Diesels. About 50% of all new registrations in Europe are small turbo charged Diesels (about 40-60% more fuel efficient than gasoline cars). This has created an oversupply of gasoline over there and a shortage of Diesel. The US had a shortage of gasoline since the mid 80s.

How much does it cost you to fill up your car?

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How much does it cost you to fill up your car?

'bout 100 Euros ($130 tonight, tomorrow it will be a little less as the Euro is going down) for ~11 gallons.

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Caesar

'bout 100 Euros ($130 tonight, tomorrow it will be a little less as the Euro is going down) for ~11 gallons.

WOW thats insane! it cost me about 45 and thats for premium-grade! how much about is that in taxes

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WOW thats insane! it cost me about 45 and thats for premium-grade! how much about is that in taxes

'bout half, 19% is already sales taxes.

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